Key View:

• Ongoing drugmaker investment will boost Singapore’s status as a key pharmaceutical hub.
• The government of Singapore will continue to take a proactive role in developing the market’s biomedical manufacturing industry. 
• Through AstraZeneca’s investment, Singapore's position as an important trading hub for the pharmaceutical sector in the

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• Singapore's LNG imports are set to rise as the country prepares to build a second import terminal.
• LNG demand is set to grow further in 2024 and beyond as Singapore’s government seeks to achieve carbon emission reduction targets.
• LNG bunker sales in the short term are expected to grow faster compared to other sectors.
• Given its well

Latest Development: Viettel and Singtel are partnering to deploy the first subsea cable to directly connect Vietnam and Singapore. The new cable would enhance Vietnam’s international bandwidth capacity, which will be key in achieving its goal of becoming an alternative data centre hub within the east Asian region. The project also aligns with the

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• Singapore's Ministry of Communications and Information unveiled that an expert committee is developing a Digital Infrastructure Act to fortify the resilience and security of Singapore's digital infrastructure beyond the current Cybersecurity Act, addressing a wider spectrum of risks to maintain continuous service delivery amidst a

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• Singapore’s commitment to addressing the healthcare needs of its ageing population will support medical devices market growth over the medium term, despite economic pressure. 
• The Ministry of Health's implementation of a more value-based subsidy framework will expand access and affordability of certain devices, however may create

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• The expansion of electric vehicle (EV) charging infrastructure in Singapore will be steady but ultimately limited, with public transport being the preferred means of low-emission travel in the market.
• Ongoing expansion to Singapore’s public transport network, particularly its mass rapid transit (MRT) network, will remain the pre

The Latest: On January 29 2024, AbbVie announced a major expansion initiative for its manufacturing operations in Singapore with an investment of USD223mn. This strategic infusion of capital is intended to bolster AbbVie's worldwide production network with an emphasis on the development of biologic drugs. The planned expansion will not only

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• The Monetary Authority of Singapore left policy settings unchanged at its January meeting.
• We expect the central bank to stand pat again in April given that a 1 percentage point increase in the GST will keep inflation elevated in the near term.
• Nonetheless, we expect headline inflation to ease to an average of 2.8% in 2024 due in

Key View

• We expect inward FDI to fall below 30% of GDP in 2023 and 2024.
• A jump in retained earnings were behind the FDI increase in 2021 and 2022, and they notably did little to boost economic growth in Singapore.
• The expected reduction in inward FDI will not pose risks to Singapore’s external balance, given ample foreign reserves and

Key View

• Official advance estimates showed that Singapore’s economy grew by 1.7% q-o-q s.a. in Q423, accelerating from 1.3% q-o-q s.a. in Q323 and outperforming our forecast.
• Manufacturing was the main growth driver, but contractions in Q123 and Q223 meant that the sector is still smaller than it was in 2022.
• We expect the recovery in